The Company is pleased to announce that on 21 July 2009, the Company, through
its indirect wholly-owned subsidiary, Anping Technology, entered into the
Business Operating Agreement with Wuhu Longyuan and Yingtan Boken, pursuant
to which Anping Technology will become the exclusive provider of the
Management Services in respect of Renji Radiotherapy Centre and entitle to the
Attributable Net Income for a term of 16 years (with an option to extend for 20
additional years at the discretion of Anping Technology). The Group, in return,
will issue 1,950,000,000 Consideration Shares to Wuhu Longyuan (which
amounted to approximately HK$128.70 million based on the closing price of the
Company’s shares of HK$0.066 as at the date of this announcement) as
consideration under the Business Operating Agreement. The Group has also
entered into an asset pledge agreement, pursuant to which, Wuhu Longyuan has
pledged its 70% interest in the assets (mainly medical equipment) at Renji
Radiotherapy Centre to the Group during the initial term of the Business Operating
Agreement in order to secure the obligations of Wuhu Longyuan under the
Business Operating Agreement.
The 1,950,000,000 Consideration Shares will be issued under the General Mandate
and an application will be made by the Company to The Hong Kong Stock
Exchange Limited for the listing of, and the permission to deal in, the
Consideration Shares.
